Canadian housing starts grew 13% in February to a seasonally adjusted annual rate of 243,959, according to Canada Mortgage and Housing Corporation.
The increase was considered a “rebound” after January housing starts hit their lowest level since September 2020, CMHC Chief Economist Bob Dugan stated.
“February’s housing starts provided much needed new housing supply nationally, but in order to improve affordability, we need to find innovative ways to deliver more supply and to keep building at a higher pace,” Dugan added.
Monthly urban starts increased 16%, with multi-unit urban starts increasing 18% and single-detached urban starts increasing 8%.
The full CMHC report can be found here.